Property market is set to accelerate: Arjun Basu, CEO, DoorKeys

Basu also said that It makes the seller-buyer interaction transparent, giving more power to the buyers yet ensuring sellers gain through its pay for performance model.Rao Jaswant Singh | TNN | October 01, 2016, 14:00 IST

GURGAON: Arjun Basu, Co-Founder & CEO, DoorKeys, a real estate listing and transaction platform, which went live in Gurgaon on Thursday claimed that the property market is set to accelerate as the platform simplifies the home-buying process by giving buyers the power to negotiate for properties online.

The platform co-founded by Subhash Bedi, Chairman and MD - Rising Straits Capital and a real estate veteran, and Arjun Basu, serial entrepreneur and co-founder of mydala.com (one of India’s largest local services marketing platforms) said “For DoorKeys, technology is the biggest enabler and this sets it apart from the other options available today”.

Basu also said that It makes the seller-buyer interaction transparent, giving more power to the buyers yet ensuring sellers gain through its pay for performance model. We want to bridge the gap between real estate purchase needs and adequate hand holding beyond information sourcing with the optimum use of technology.

Currently in most Indian cities specially Delhi NCR, there is a huge mismatch in pricing expectation between what the buyer is willing to pay and what sellers are asking for. This has created distress in some markets today with minimal transactions which is resulting in buyers holding off from completing purchases and record unsold inventories, added Basu.

“A zero spam portal with data analytics at its core, DoorKeys lets the buyer see what his peers are offering for the same property which is a better way of assessing the true market price. The platform’s objective is to get buyers and sellers on the same page with respect to market pricing and move inventory/enable transactions through negotiation in a discreet environment” he said.

Biju Menon, Head - Sales & Alliances, DoorKeys, said, “The Gurgaon property market is undergoing a classic property cycle where the demand-supply dynamics are favouring buyers. We aim to aid this process further by transforming the real estate online transactions market, standardizing service levels and making consumer ratings the criteria for seller/agent visibility on the portal rather than the capacity to pay for advertising.”

Doorkeys.com has received an initial investment of around 2 million USD. Currently, there are more than 40000 properties available for Gurgaon. Backed by top developers and investors, the platform aims to reach eight cities in India.